Home Scam/Fraud Instagram bitcoin warning as £120k scam forces woman on to Universal Credit

Instagram bitcoin warning as £120k scam forces woman on to Universal Credit

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Action Fraud and Citizens Advice are warning people not to fall victim to online scams after a woman lost £120,000 on Instagram.

Retired teacher Teresa Jackson has been forced to go on to Universal Credit after the fraudsters took all of her pension pot and life savings.

The 63-year-old, from Portishead, had expressed an interest in what appeared to be a bitcoin investment scheme advertised on Instagram.

She was contacted by someone claiming to be a financial advisor who appeared to be “really knowledgeable” and persuaded her to invest her money.

READ MORE:Massive Bitcoin operation found in Midlands warehouse

Ms Jackson told ITV: “I felt embarrassed and stupid. My family trusted me to know what I was doing. I am on Universal Credit now, simple as that. I’m comfortable but I can’t have the life I used to have.”

Ms Jackson’s bank paid her half the money back when she reported the scam to them but were unable to give her the…

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